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SEC's Schapiro: Budget undersized to fulfill new market-watchdog duties

The Securities and Exchange Commission has new duties under the 2010 financial reform law, but SEC chairwoman Mary Schapiro says the agency's budget is not 'appropriately sized' to do the job. 

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SEC chairwoman Mary Schapiro at the St. Regis Hotel in Washington, D.C., on Feb. 22.

Michael Bonfigli / The Christian Science Monitor

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SEC Chairwoman Mary Schapiro sits at the helm of America's most influential regulator of the financial markets, the Securities and Exchange Commission. She was the guest at the Feb. 22 Monitor breakfast in Washington, D.C.

What keeps her up at night:

"Everything keeps me up at night. I do feel a sense of urgency about the structural weaknesses that exist in money market funds ... that makes them prone to runs, and I feel like we need further debate and discussion around some concrete ideas there."

Lessons from the "flash crash" on May 6, 2010, when the stock market plunged roughly 10 percent and some blue-chip stocks traded for pennies before recovering:

"I do worry about market structure questions. I think the flash crash was a huge wake-up call for regulators about the frailty of our market structure.... We have done some very important things in that regard to ... shore it up. There is more to do."

Whether the SEC has the resources to handle expanded duties under the new Dodd-Frank financial regulation law:

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